At the beginning of 2024 , VHF Industries acquired a machine with a fair value of $6,700,460 by signing a three-year leas. The lease is payable in three annual payments of $2.6 million at the end of each year Note: Use tables, Excel, or a financial calculator. (EV of \$1, PV of S1, EVA of S1. PVA of S1. EVAD of S1 and PVAD of S1) Required: 1. What is the effective rate of interest implicit in the agreement? 2-4. Prepare the lessee's journal entries at the beginning of the lease, the first lease payment at December 31, 2024 and the second lease payment at December 31, 2025. 5. Suppose the fair value of the machine and the lessor's implicit rate were unknown at the time of the lease, but that the lessee's Incremental borrowing rate of interest for notes of similar risk was 7\%. Prepare the lessee's entry at the beginning of the lease